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Literature Review of Life Insurance Markets: Developing a New Perspective to improve the Indian Market

MANTHAN: Journal of Commerce and Management

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Title Literature Review of Life Insurance Markets: Developing a New Perspective to improve the Indian Market
 
Creator Choudhary, Manisha
 
Subject Life insurance; Information; Bounded rationality; Behavioural Economics.
 
Description Despite of being the second most populous country, India’s life insurance penetration and density (the two accepted parameters of performance) are low. To look at the causes of underperformance of this vital market, the existing literature needs to be reviewed. Thus the objective of this paper is to identify research gaps and to suggest an appropriate theoretical framework to study the market. An attempt has been made to review the existing literature in relation to foreign as well as Indian life insurance markets. The review of studies in relation to foreign markets clearly shows the difference in the approach to look at the market across the world and the Indian studies. The literature review reveals that most of the existing Indian studies are descriptive in nature looking only at the profile of companies, buyers; nature of products; comparison of public and private companies; service quality etc. However, in case of foreign studies, informational and behavioural aspects are studied in greater detail vis-à-vis the life insurance market focusing on phenomena like information asymmetry, heuristics and biases etc. There is no study till date that has focused on the informational aspects and bounded rationality with respect to Indian life insurance market. It is therefore suggested that Behavioural Economics framework is the appropriate theoretical framework that can help in identifying the causes of underperformance.
 
Publisher Journal Press India
 
Date 2018-07-30
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://www.myresearchjournals.com/index.php/MANTHAN/article/view/13049
10.17492/manthan.v5i01.13049
 
Source MANTHAN: Journal of Commerce and Management; Vol 5, No 01 (2018)
2347-4440
 
Language eng
 
Relation http://www.myresearchjournals.com/index.php/MANTHAN/article/view/13049/12260
 
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